Until recently, classroom education did little to impart practical financial knowledge. Though traditional coursework may include a well-rounded curriculum, actionable money tips have not always been made available to students. Fortunately for young people preparing to enter an increasingly complex financial arena, greater focus has turned to the practical needs of novice money managers. But despite these increased efforts to fortify financial education, building savvy handling money matters is largely up to each individual.
Learning Life’s Financial Lessons
Over the course of a lifetime, both formal and informal channels contribute to financial understanding – including debt charities and various informational resources. The valuable lessons gleaned from these sources support general financial understanding, but the groups can also be tapped for help with specific money problems. The following organisations furnish education and assistance, such as online reference materials and in-depth debt counseling.
The Money Charity – Originally conceived to help people struggling with debt, The Money Charity was once known as Credit Action. As the organisation evolved, including a name change in 2013, its focus shifted to a more proactive position, centered on financial education. In fact, the group now stands-out as the financial capabilities charity, instilling knowledge people need to navigate financial challenges.
The Money Charity provides information and advice online, in print, and in-person, helping countless groups and individuals manage money well. Simply put, team members believe being in control of your finances ultimately results in higher quality of life. By spreading skills, attitudes, knowledge and prudent financial behaviours, the group empowers UK citizens to make the most of their earnings and reach for their financial goals. According to the organisation’s website, they accomplish the objectives by:
- educating, informing, and advising young people and adults,
- working with the financial services industry to improve consumer experiences,
- and influencing government policy and public perception.
Online resources maintained by The Money Charity include a practical Advice and Information section, dedicated to common financial concerns. From basic information explaining everyday money matters, to in-depth articles highlighting various financial products, The Money Charity fills-in blanks left by traditional educators. Recent articles discuss the role of National Insurance and the importance of comparing loan terms before taking-on alternative financing. The section also includes information aimed directly at students, furnishing creative ways to reconcile financial concerns while attending school.
StepChange Debt Charity – Problem debt impacts widespread UK households, so StepChange stands at the ready, prepared to offer assistance to those in need. Once known as the Consumer Credit Counseling Service (CCCS), StepChange remains committed to providing free, expert debt advice. Since its name changed in 2012, the organisation has grown into the UK’s largest debt charity, carrying-on CCCS vision for universal access to free, expert counseling.
StepChange and its predecessor, CCCS, help consumers in various ways. The organisation’s Debt Remedy, for example, was launched more than a decade ago, serving as the first direct online counseling service, providing free anonymous debt advice. The group has become more visible than ever online, leaving a trail of vital statistics and information about debt and other financial matters. Debt topics covered in the StepChange information section include:
- Types of Borrowing
- Debt Solutions
- Coping with Problem Debt
The in-depth information shared by StepChange responds to the most popular online debt searches, ranging from consolidation options to details about facing common debt-related court proceedings.
The government-backed Money Advice Service provides impartial financial advice for UK residents. The free Service covers wide-ranging topics, such as debt, mortgages, retirement planning, insurance cover, and others. The organisation not only furnishes direct advice, but the Money Advice Service also maintains volumes of online material dedicated to improving financial outcomes for citizens – including tools and calculators. Like our own resource comparing rates and loan terms for no credit check borrowers, the pages of moneyadviceservice.org.uk are filled with vital references for consumers, such as advice for:
- avoiding high finance fees
- comparing different types of financing
- calculating the true cost of a loan.
Coming to terms with your personal finances may call for outside help. In addition to up-to-date finance information found on sites like Readies, Britons have access to financial insight provided by various charities. StepChange, the Money Advice Service, and The Money Charity are only a few of the resources available for those facing specific debt challenges or simply reinforcing their financial understanding.